A certain number of mistakes may be inevitable when setting up a new business, but with a high percentage of startups failing within their first year (and many more going on to fail further down the line), the pressure to limit those mistakes is unavoidable.
Fortunately, by seeking expert guidance from a business consultant for startups, entrepreneurs can give their new company’s the strongest chance not just of survival, but of lasting success. For business consultancies looking to expand overseas, they typically understand the importance of local regulations and business environment is crucial when starting a business abroad. For detailed guidance on setting up a consultancy business in Singapore as a foreigner, visit the guide by Startup Biz Consultants here.
Here are 9 common mistakes that a business consultant could help you avoid:
1. Not spending money wisely
A fancy office and brand new swag is all very nice, but without investing in such things as recruitment and analytical tools, there is little chance of your startup ever getting off the ground.
Let a startup consultant advise you as to where your money would best be spent.
2. Rushing the process of hiring and onboarding
Behind all of the most successful startups, are a team of innovative, smart, and savvy employees, but if you don’t allocate enough time and resources to the process of recruitment and onboarding, you could end up taking on a team who are unfocused, unqualified, and unhappy. None of this spells success for your new company.
A startup consultant can help you navigate the often muddy waters of hiring and onboarding, and help you build a team who will take the business to the top.
3. Acting without proper planning
While startups may not be governed by as much red tape and as many rules and regulations as bigger corporates, it’s still worth formulating a smart business and marketing strategy.
And, if you’re inexperienced in business planning, a startup consultant can assist you.
4. Operating without a clear brand or mission
If you want to build a loyal consumer base, you must have clear ideas as to what your values are, and how you speak to customers. Brand consistency and a mission people can connect with are crucial for all businesses, no matter their size, and with a startup consultant to guide you, you can nail these things and give your customers exactly what they want.
5. Not testing and learning from mistakes
New businesses are exactly that, new. Everything you try will be new, and not everything you try will be a success. But, how can you ever improve if you don’t know what is and isn’t working, and the only way to do this I through trial and error. That said, trialling things and experimenting can be challenging; that’s where the experience and confidence of a startup consultant can be invaluable.
6. Choosing the wrong investors
A startup consultant has the wisdom and experience to see beyond an investment to the person or company behind it, and can use their judgement and discretion to help you choose your investors wisely, instead of being blinded by the money and rushing into a bad decision.
7. Not giving customers the right amount of power
All it takes is one bad review to turn the fortunes of a new business, and while customers are important, they shouldn’t be allowed to damage your reputation beyond repair unnecessarily. Use a startup consultants experience with consumers to help you deal with them appropriately, particularly when they have an issue with your products, service, or company as a whole.
8. Growing too quickly
Growth is a requirement for all businesses (particularly those in their infancy), but getting too big before you’re able to handle what goes along with that growth, can result in your failure. Let a startup consultant guide your growth and help you focus on quality, not just quantity.
9. Forgetting your motivation behind the business
It’s important not to get derailed by pressure from others, and to lose sight of the reason behind the company you’ve created. Integrity is essential in terms of consumer confidence and loyalty, and startup consulting firms can help new businesses stay on track, and remain faithful to their mission and values.
While the odds of your startup’s success may well be stacked against you, and the mistakes you run the risk of making, be many, with appropriate guidance and support from experienced startup consultants, there’s no reason why you can’t build a memorable brand that’s popular with consumers, and which turns you a profit.
